Four Ways to Find Your Next Business Idea

By Kelly Spors

Ask successful entrepreneurs where their business ideas came from, and there’s usually an interesting story. You might hear about an enlightening exchange on an airplane or how someone finally figured out how to turn a passion into a profitable enterprise.

1. Tap your own experiences. Stick with industries and topics you know and preferably have worked in. You’ll be best-positioned to spot great business opportunities and take advantage of them – and have a leg up on any competitors who don’t share your expertise.

2. Solve problems. The most successful businesses are those that solve problems many people grapple with. And problems are everywhere – you just have to figure out what they are, and devise the most profitable and practical answers. Remember, it’s execution — not the idea — that makes a business work.

3. Corner the experts. Figure out who the smartest people are in the industries you’re looking at, and tap their brains for ideas and the types of problems they think need solutions. They can even act as an advisory board while you’re building your business.

4. Network online. Many Web sites let users post their business ideas and get feedback from other users. Here are four I’ve come across:

Comments (5 of 7)

301 Moved Permanently I was recommended this web site by my cousin. I'm not sure whether this post is written by him as nobody else know such detailed about my trouble. You are incredible! Thanks! your article about 301 Moved PermanentlyBest Regards Agata

2:37 am April 28, 2011

iphone apps free download wrote :

I am seriously not as well familiar with this subject but I do like to take a look at weblogs for layout suggestions and exciting subjects. You genuinely expanded upon a topic that I generally don't care a lot about and made it very interesting. This really is a nice blog site that I'll consider notice of. I by now bookmarked it for long term reference. Cheers

--------------------------------------------------------------------
European Studies

11:02 pm June 23, 2008

BizOp Blogs - Small Business Opportunities For Entrepreneurs wrote :

[...] Wall Street Journal Blogs: 1. Tap your own experiences. Stick with industries and topics you know and preferably have worked in. Youâ€™ll be best-positioned to spot great business opportunities and take advantage of them â€“ and have a leg up on any competitors who donâ€™t share your expertise. [...]